RBS N.V. prides itself on being an innovative provider of unique banking services that benefits our NRI clients.
When you place a fixed deposit with us, you need not worry about lack of liquidity. You can conveniently meet your financial needs by availing of a loan against your deposit value without having to break your fixed deposit.
How is this done? We offer you a convenient overdraft facility against your fixed deposits. You can get a rupee overdraft against any of your NRE, NRO or FCNR deposits held with us.
Key Features and Benefits:
Overdraft facility available for up to 90% of the value of your deposit
No processing fees and no pre-payment penalty charges
Loans provided to depositor as well as third party individuals (If you have a business in India, we can lend to your firm/company also)
Monthly interest charged only on the actual amount of overdraft utilized by you
A cheque book is issued to you to facilitate easy withdrawals
Choice of repayment of loan in Indian or Foreign currency, whichever is convenient to you
Principal repayable on maturity of the deposit, either in Indian or Foreign currency or from your NRI Accounts in India.
Collaterals accepted for Rupee overdraft include:
Rupee deposits in the form of NRE and NRO Fixed Deposit
FCNR Deposit in US Dollars, Pound Sterling, Euros, Australian Dollars and Canadian Dollars.
Usage of the loan
Purposes for which the loan money can be used:
Personal expenses such as purchase of car, renovation of house, children’s education, medical expenses, etc.
Purchase of property in India
Business requirements, working capital, purchase of assets, equity contribution, etc.
Purposes for which the loan money cannot be used:
Rupee overdrafts against fixed deposits are not repatriable and cannot be used, either singly or in association with another person, for any activities in which investment by NRIs is prohibited. These activities include:
The business of chit-funds or nidhi company
Agricultural or plantation activities or in real estate business*, or construction of farm houses
Trading in Transferable Development Rights (TDRs)
Re-lending/investment in shares/securities
* For the purpose of item (ii) of proviso, real estate business shall not include development of townships, construction of residential / commercial premises, roads or bridges.